zombies. paul, good evening. thank you for doing this. i appreciate you joining us. good evening. so listen to the president and how is slamming republicans over the debt ceiling and saying this. then we ll talk. here it is. a meteor is headed to crash into our economy. democrats are willing to do all the work stopping it. republicans just have to let us do our job. just get out of the way. if you don t want to help save the country, get out of the way. so, paul, if the u.s. defaults on our bills because, as you have put it, republicans are committing political sabotage, what s going to happen to our economy and americans pocketbooks for that matter? well, it s kind of scary. actually, of course, nobody knows, but it s not just that the u.s. government suddenly finds itself without enough cash to pay its bills. the dollar is special. u.s. government debt is special. the whole world financial system is built on using u.s. treasury
so, paul, if the u.s. defaults on our bills because, as you have put it, republicans are committing political sab sabotage, what s going happen to our economy and americans pocketbooks, for that matter? well, it s kind of scary. actually, of course, nobody knows. but it s not just that the u.s. government suddenly finds itself without enough cash to pay its bills. the dollar is special. u.s. government debt is special. the whole world financial system is built on using u.s. treasury bills as collateral. all of the sudden, you have taken the world s safest asset and made it, you know, not something that is meeting its obligations. so nobody really knows. it is definitely a very scary prospect. you know, cnn is learning that president biden told today told excuse me, progressives that the social safety net package needs to come down between 1.9 and $2.2 trillion. now you really wrote i ve been wanting to speak the you